Constellation Brands Inc (STZ) Shares Sold by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. reduced its stake in shares of Constellation Brands Inc (NYSE:STZ) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 89,553 shares of the company’s stock after selling 1,800 shares during the period. Pictet Asset Management Ltd.’s holdings in Constellation Brands were worth $16,366,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Constellation Brands by 3,310.4% in the first quarter. BlackRock Inc. now owns 11,605,235 shares of the company’s stock valued at $1,880,863,000 after buying an additional 11,264,949 shares in the last quarter. State Street Corp raised its stake in Constellation Brands by 0.5% in the first quarter. State Street Corp now owns 7,391,582 shares of the company’s stock valued at $1,197,945,000 after buying an additional 39,246 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Constellation Brands by 9.0% in the first quarter. JPMorgan Chase & Co. now owns 4,578,259 shares of the company’s stock valued at $741,999,000 after buying an additional 378,620 shares in the last quarter. Egerton Capital UK LLP raised its stake in Constellation Brands by 9.3% in the second quarter. Egerton Capital UK LLP now owns 2,717,567 shares of the company’s stock valued at $526,474,000 after buying an additional 231,984 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Constellation Brands by 3.6% in the first quarter. Bank of New York Mellon Corp now owns 2,045,867 shares of the company’s stock valued at $331,574,000 after buying an additional 71,963 shares in the last quarter. Institutional investors own 76.14% of the company’s stock.
Shares of Constellation Brands Inc (STZ) opened at 195.65 on Friday. The stock has a 50 day moving average of $193.61 and a 200 day moving average of $174.46. Constellation Brands Inc has a 1-year low of $144.00 and a 1-year high of $199.89. The company has a market cap of $38.21 billion, a price-to-earnings ratio of 24.54 and a beta of 0.06.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings results on Thursday, June 29th. The company reported $2.34 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.36. Constellation Brands had a return on equity of 21.57% and a net margin of 19.94%. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same period last year, the company earned $1.54 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. On average, equities analysts forecast that Constellation Brands Inc will post $8.17 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be issued a dividend of $0.52 per share. The ex-dividend date is Monday, August 7th. This represents a $2.08 annualized dividend and a dividend yield of 1.06%. Constellation Brands’s payout ratio is presently 26.03%.
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STZ has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on shares of Constellation Brands from $204.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, July 3rd. BidaskClub upgraded shares of Constellation Brands from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada restated a “buy” rating and set a $220.00 price target on shares of Constellation Brands in a research note on Wednesday, August 2nd. UBS AG boosted their price target on shares of Constellation Brands from $162.00 to $176.00 and gave the company a “neutral” rating in a research note on Friday, June 30th. Finally, Wells Fargo & Company restated an “outperform” rating and set a $216.00 price target (up previously from $215.00) on shares of Constellation Brands in a research note on Saturday, July 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $200.53.
In related news, Director Barry A. Fromberg sold 2,000 shares of Constellation Brands stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $195.93, for a total value of $391,860.00. Following the completion of the sale, the director now directly owns 22,820 shares in the company, valued at approximately $4,471,122.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas J. Mullin sold 23,827 shares of Constellation Brands stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $193.64, for a total value of $4,613,860.28. Following the completion of the sale, the vice president now owns 78,524 shares of the company’s stock, valued at $15,205,387.36. The disclosure for this sale can be found here. Insiders have sold 95,601 shares of company stock valued at $18,586,986 over the last 90 days. Corporate insiders own 15.59% of the company’s stock.
Constellation Brands Company Profile
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States.
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